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Francisco José Fernández Rostello

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Francisco José Fernández Rostello is a partner and member of the Firm’s Banking & Finance Practice Group in Buenos Aires. He has worked for the International Swaps and Derivatives Association and for Société Générale, New York Branch. He is knowledgeable on matters related to issuance of debt, derivatives transactions, local and cross-border financing, and securities transactions.

On 15 May 2024, the National Securities Commission (CNV) issued General Resolution No. 1002/2024 (“Resolution”), modifying the regime applicable to promotion and advice within the framework of the public offering of securities.

On 25 March 2024, the National Securities Commission (CNV) issued General Resolution No. 994/2024, which regulates the Registry of Virtual Asset Service Providers in line with the provisions of Section 38 of the recently amended Law No. 25246 (“Law”). This Law had incorporated virtual asset service providers (VASPs) as AML/FT-regulated entities.

On 6 February 2024, the Argentine National Securities Commission (Comisión Nacional de Valores) issued General Resolution No. 990/2024 to modify the current restrictions on trading with marketable securities when using Bonds for the Reconstruction of a Free Argentina (BOPREAL).

On 8 January 2024, the Financial Information Unit (UIF for its Spanish abbreviation) issued Resolution No. 1/2023, establishing minimum requirements for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks applicable to persons or legal entities that perform remittances within and outside Argentina. The Resolution is aligned with prior resolutions issued by the UIF for other regulated entities. Accordingly, the Resolution changes the approach from formal regulatory compliance to a risk-based approach.

On 30 November 2023, the Argentine Central Bank issued Communication “A” 7901, which introduces amendments to the regime for foreign exchange dealers, including limits for the sale of foreign currency to entities authorized to operate in foreign exchange and to related customers, as well as new obligations for foreign exchange dealers.

On 30 November 2023, the Central Bank of Argentina issued Communication “A” 7905, extending the effective date of certain modifications to the National Payments System related to immediate debit and the interoperability of credit card payments through Quick Response codes.

On 15 August 2023, the Argentine Securities and Exchange Commission (Comisión Nacional de Valores or CNV) issued General Resolution No. 971/2023 to limit the purchase and sale of fixed-income marketable securities denominated and payable in US dollars issued by the Argentine Republic under local or foreign law.

On 3 August 2023, the Argentine Securities and Exchange Commission issued General Resolution No. 969/2023 to restrict the purchase and sale of fixed-income marketable securities denominated and payable in US dollars issued by the Argentine Republic, as well as transfers of such marketable securities to or from foreign depositories.

On 11 May 2023, the Argentine Central Bank issued Communication “A” 7766 extending the limitations for legal entities requesting access to the local foreign exchange market when entering certain transactions with any company related or belonging to the same economic group.

On 2 May 2023, the Argentine Securities and Exchange Commission issued General Resolution No. 959/2023 in order to restrict the sale of marketable securities with settlement in foreign currency for parties that hold positions in surety bonds and/or repos, regardless of the settlement currency. Likewise, settlement and clearing agents are prohibited from granting financing to the transactions mentioned above. Finally, the term of permanence in portfolio for the sale of marketable securities with settlement in foreign currency in foreign jurisdiction is modified.